Apple CEO Tim Cook has disclosed his purchase of roughly $3 million shares of Nike stock this week, reports Reuters.
According to a regulatory filing published on Wednesday, Cook purchased 50,000 Class B shares of Nike on December 22 at an average price of $58.97 per share, for a total investment of approximately $2.95 million. Cook now holds about 105,000 Nike shares, valued at nearly $6 million.
As you might imagine, investors noticed the purchase and Nike shares rose between about 2% and 5% in premarket and early regular-session activity. The rally followed a sharp fall in stock price, immediately following the company’s most recent earnings report, which highlighted ongoing challenges in its business, particularly in China.
Cook is on Nike’s board of directors, and has been since 2005 and is its lead independent director, a role he assumed in 2016 after Nike co-founder Phil Knight stepped down as chairman. In addition to his position at Apple, Cook also chairs Nike’s compensation committee, placing him in a central governance role at the apparel maker.
The December 22 transaction was Cook’s largest open-market purchase of Nike shares in recent years.